You are here: Features > Loan Catch Up

LOAN CATCH UP

Function 
To provide automatic calculations required to determine the amount of payment required to bring a delinquent loan current.


Operating Instructions
From the GMS-RLSS Main Menu, select Features, Loan Catch-up.

Loan Number 
Select the appropriate loan from the combo box or enter manually.

Catch-up Date 
Select from the calendar the proposed date payment is expected.

Interpreting the Report
In addition to the date, loan number, lender’s and borrower’s name and address, the following information is listed:

Catch-up Date

Last Activity Date

Last Paid-thru Date


​Maturity Date

Days to catch-up


​Planned Balance



​Principal Balance

Annual Interest Rate

Daily Interest Rate


​Daily Interest Amount

Principal Required


​Past Due Accrued


​Additional Accrued


​Late Fees

​
Total Due

As selected previously. 

The date of the last recorded activity. 

The "new paid-thru" date as listed on the most recently recorded loan activity. 

​As entered into the Loan Master file. 

The number of days between the "Last Activity Date" and the "Catch-up Date". 

​By running an internal amortization schedule, the program will calculate what the principal balance should have been as of the catch-up date, assuming timely payments. 

The loan balance as of the date the report is produced. 

As entered into the Loan Master file. 

The annual rate divided by either 360 or 365 days (as entered into the Loan Master file). 

​Loan balance multiplied by the Daily Interest Rate. 

The difference between "Planned Balance" and "Principal Balance". 

​Any outstanding accrued interest as recorded through Loan Interest Activity. 

​Interest that has accrued between the "Last Activity Date" and the "Catch-up Interest Date". 

Based on the "Next Payment Due Date" and the amount within the late fee field in the Loan Master file. 

​The sum of "Principal Required", "Past Due Accrued Interest", "Additional Accrued Interest", and "Late Fees". ​

​Things You Should Know

• This report may be produced as desired with no impact on the database. 
• The accuracy of this report will depend upon the completeness and accuracy of pertinent fields within the Loan Master file, along with properly recorded Loan Activity. 
• If the Maturity Date within the Loan Master file passes prior to the catch-up date, the “Planned Balance” will be zero. 
• To help ensure accurate calculation, we recommend the report be run with a date equal to or greater than the last activity date found within the loan’s history. If the report is run retroactive to that date, catch up information will be calculated based on the loan balance as it was on that previous date instead of the most recent balance.